Market Review: KSE 100 Index up to settle at 45,910
News Report
KSE 100 index largely remained in the positive session during the trading session on Friday to settle at 45,910 level up by 0.10%.
The Karachi stock exchange also observed some profit-taking in the second half of the trading session as the index settled at a 45,910 level (up by 0.10%).
A major contribution to the index came from FFC, MTL, PSO, OGDC, and SHEL, as they cumulatively contributed 108 points to the index.
Pakistan Stock Exchange Limited beats its record
However, on the other hand, SYS, POL, MEBL, TRG, and FCCL lost value to weigh down on the index by 59 points.
Traded volume and value for the day stood at 191 million shares and Rs8.85 billion respectively. WTL was Friday’s volume leader with 12.8 million shares.
Topline Weekly Review on KSE 100 Index
KSE 100 index increased by 1.85% on Week on Week (WoW) basis. Topline Research had attributed the positivity in the market to the IMF board approving the 6th tranche of EFF program for Pakistan.
The other factor was the trade deficit for the month of January 2022 declining by 30% on an MoM basis to US$3.36 billion, mainly on account of a decline in imports.
Pakistan received US$1 billion from the recently issued International Sukuk and the federal government`s decision to keep the prices of petroleum products unchanged on fortnightly basis.
Other major events during the outgoing week were; the CPI numbers for the month of January 2022 clocking in at 13% YoY (vs. Dec-21 CPI of 12.3% YoY).
The news also had a positive impact that during Prime Minster’s visit to China Pakistan is set to float proposals to the Chinese government for renegotiation on contracts of power projects established under CPEC on the pattern of other IPPs.
Cement dispatches for the month of January 2022 declined by 16% on an MoM basis to 3.95mn tons.
The news that the US$1.2 billion Saudi oil facility has not been operationalized yet owing to legal and procedural delays and foreign exchange reserves held by SBP fell by US$463mn to $15.73bn as of Jan 28, 2022.
